PayPal to Enable Businesses to Accept Bitcoin, Ethereum and Other Cryptocurrencies
In brief
- PayPal has been looking to expand its crypto services.
- Merchants will be able to accept Bitcoin, Ethereum, and other cryptocurrencies.
- Pay with Crypto will support transactions for a number of wallets, including Coinbase and MetaMask.
PayPal will allow smaller businesses in the U.S. to accept 100 cryptocurrencies on its platform, including Bitcoin, Ethereum and Solana on its network, the payments services provider announced Monday.
Pay with Crypto will enable users to convert crypto to stablecoins or to other fiat currencies, the firm said. It will support transactions for a number of wallets, including Coinbase, Kraken and MetaMask.
"Businesses of all sizes face incredible pressure when growing globally, from increased costs for accepting international payments to complex integrations," Alex Chriss, PayPal's president and CEO, said in a statement. "Today, we're removing these barriers and helping every business of every size achieve their goals,"
The service comes as PayPal continues to expand its crypto services.
Last Wednesday, San Jose-based PayPal said that it was planning to introduce a new platform in the fall, PayPal World, that will link domestic digital wallets to its global network of billions of users.
PayPal's PYUSD, which debuted in 2023, has a more than $901 market capitalization, and the firm subsequently allowedusers to swap PYUSD for dollars to make international payments via payments platform Xoom.
PayPal users have been able to access crypto since late 2020, after a feature allowed users to buy, sell, and hold four cryptocurrencies—Bitcoin, Ethereum, Bitcoin Cash, and Litecoin—but not to move the funds to external destinations. PayPal customers are now able to transfer such digital coins elsewhere.
The firm said in a statement that Pay with Crypto would allow merchants to increase their profit margins, pay lower transaction fees, get near instant access to proceeds, and grow funds stored as PYUSD at 4% when held on PayPal." The initiative will cover 90% of the crypto market, which according to crypto data provider CoinGecko has a market value approaching $4 trillion.
Decrypt reached out to PayPal for additional comment.
Noting last week's PayPal World announcement, which brings together five of the world's largest digital wallets on a single platform," Chriss said, adding that the firm was "breaking long-standing barriers in global commerce."
"These innovations don't just simplify payments—they drive merchant growth, expand consumer choice, and reduce costs," he said. "This is the future of inclusive, borderless commerce, and we're proud to lead it."
PayPal was up nearly 0.67% in early Monday trading, according to Yahoo Finance. The stock is up nearly 5% over the past week.
Bitcoin was trading at almost $118,400, flat over the past 24 hours, according to CoinGecko.
Editor's note: This story was updated after publication with additional details.
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